The Canadian Vanguard Stock Market Report At Close –Monday, January 29, 2024

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Data Driven Market Report And Analysis For Tomorrow’s  Winning Trades

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The Toronto Market

The TSX composite index was up 74.78 points or 0.35% to close today’s market session at 21,200.06. Today was a very positive market day. The buoyant market was marked by good increase in volume of shares traded. The TSX is above the 21,000 level mark and has remained above the level for four consecutive sessions. The index looks ready to forge ahead actually.

                                                                                                                                                                   

The market today was broad-based. Energy, with -0.46% decline, being the only sector to end  end the session in red. Technology was way ahead with 1.7% gain. Durable Consumer Goods & Services followed with 0.61% gain; Telecommunications Services was up 0.48%; Healthcare gained 0.47%; Utilities gained 0.46%; Basic Materials was up 0.43%; Industrials gained 0.35% and Financials was up 0.27%.

Home Furnishing, up 6.09% was the top performing industry; Communications Equipment followed with 2.83% gain; IT Services & Consulting was up 1.86% and Air Freight & Courier Services gained 1.51.

Today’s Statistics: The gaining issues (advancers) totally outnumbered the declined issues (decliners) today. The ratio was 2.32-to-1.00 or roughly for every twelve advancers there were five decliners -pretty bullish. In real numbers, 1019 advancers to 438 decliners with 102 Unchanged. The total volume of shares traded for gaining stocks was 146,343,764 or 48.3%; the total volume for declined stocks was 148,720,916 or 49.18% and 7,673,315 or 2.5% for “Unchanged”.

There were 166 new 52-Week Highs and 22 new 52-Week Lows. That is quite bullish – very convincingly positive.

The total volume of stocks traded at the TSX today was 302,737,995 compared with 237,743,890 yesterday, a twenty seven percent (27%) increase. Today’s volume of 302,737,995 is about ten per cent higher than the average of the ten most recent market sessions.

The US Markets

The Dow Jones Industrial Average was up a positive 224.02 points, or 0.59%, to close at 38,333.45. The S&P 500 was up 36.96 points, or 0.76%, to close at 4.927.93. The Nasdaq Composite gained, 172.68 points or 1.12%, to close at 15,628.04. It was a broad-based positive market. Nasdaq clearly outperformed the other indexes finishing with well over 1% gain with 10% increase in the volume of shares traded compared to Friday’s session.

Durable Consumer Goods & Services, up 1.28%, was the top gainer at the US markets today; Technology  was up 1.04%; Healthcare gained 0.84%; Utilities was up 0.69%; Basic Materials (comprising the miners) was up 0.59% and Financials was up 0.40%. Energy declined -0.08%.

Today’s Market Statistics: Today, the gaining issues (advancers) totally outnumbered the declined issues (decliners) on the NYSE.  Roughly, for every three advancers there was a decliner. In real numbers, there were 3,009 advancers, 1,020 decliners and 266 “Unchanged”. The total volume of volume-gaining stocks was 632,250,638 or 69.8%; the total volume of declined-volume stocks was 259,793,760 or 28.7%; and 13,673,600 or 1.5% “Unchanged”.

There were 397 new 52-Week Highs and 50 new 52-Week Lows. That is quite bullish. The market continues to rally.

The total volume of stocks traded at the NYSE today was 905,717,998 compared with 800,630,090 yesterday, a 13% increase. Essentially, the volume today returned to what it was on Thursday. Today’s volume of 905,717,998 is about   the average of the ten most recent market sessions. It is always good to have a positive market session with good volume. The market has been a bit undecided, looking for direction, during the past few sessions. We are not saying that the market was able to make up its mind today. It looks like the era of interest rate hikes is behind us for now. The market, as such, has good reason to keep rising.

On the NASDAQ, the advancers definitely outnumbered the decliners by a ratio of 2.34-to-1 or roughly for every twenty three advancers there were ten decliners. In real numbers, there were 3,034 advancers to 1,295 decliners with 306 unchanged.   The total volume of volume-gaining stocks was 4,005,668,829 or 78.4%; the total volume of declined-volume stocks was 1,063,332,688 or 20.8% and 39,257,481 or 0.8% for “Unchanged”.

There were 249 new 52-Week Highs and 101 new 52-Week Lows. The Technology big weights were back with gains today. A good number of the big Technology stocks that normally power NASDAQ actually declined on Friday.

The total volume of stocks traded at the NASDAQ today was 5,108,258,993 compared with 4,613,715,497 yesterday, an 11% increase. Today’s volume of 5,108,258,993 is about the average of the ten most recent market sessions or put another way the volume today was “more normal”.

The market outlook remains trade but with caution.

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